ATO Business Audits

August 11, 2016

As part of the Working with industry program, we have been advised that the ATO is conducting business audits around the country. In their initial 150 visits to businesses in the hospitality and beauty industries the ATO has found $8.2 million in errors made by 20% of these businesses. These errors include businesses not reporting all their income, not reporting cash wages and not claiming their expenses correctly.

If you own a business in these industries, you may have received a letter from the ATO advising you that you will be audited. Should you have any concerns about this, please don’t hesitate to contact your accountant.

Alternatively if you know someone in these industries who is in need of advice or assistance, Synergy is happy to offer a complimentary consultation to check compliance. Please contact us to arrange an appointment.